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How to Start a Medical Practice

After years of studying and training to become a practicing physician, the first thing on new doctors’ minds is putting those years of hard work into action. They enter the workforce and begin the work they were called to do. Somewhere along their career, however, they might begin to wonder if there is a realistic way to start their own medical practice and be their own boss. We at Boulevard Medical Properties are here to tell you that starting your own medical practice is an achievable goal if you follow these steps.

Funding

Starting a medical practice is like running a start-up business. You will need to apply for business loans to cover the vast number of building expenses. Things such as purchasing an office building, construction work and remodeling will run up a large tab. Comparatively, you can find a medical office space for lease in Los Angeles to cut down your construction costs and ensure that your office is maintained by a third party. Both scenarios will require some sort of funding and are your first step towards become a small business owner.

Receiving a loan is a terrific way for you and your business to establish credit and have a cushion for the first few years while your business is growing. Doctors who can afford all the expenses themselves should still consider the advantages of a secured small business loan. If you are more partial to renting office space instead of purchasing a whole building, check out the available medical office spaces for lease in Los Angeles to explore this option further.

Insurance Credentials

To accept your new patients’ insurance, you will need to go through the process of applying for your credentials. This process is somewhat lengthy, taking up to several months to complete. Do research to discover exactly what types of insurance you want to accept and check with your state requirements to understand the qualifications your practice may need.

Once you’ve decided which programs you’d like to partner with, you will either accept their general reimbursement strategies, or negotiate new ones based on what procedures you do and what area of medicine you specialize in. While Medicare and Medicaid offer the same reimbursement benefits to the doctors they contract with, other smaller insurances will be able to negotiate smaller, more personalized contracts if you choose to associate with them. This will also widen the number of patients you are able to care for under insurance benefits.

Legal & Licensing

It’s a good idea to enlist an attorney who can help you draft your articles of incorporation, receive your employer identification number and learn about your state requirements for completing a tax registration. You’ll also need to decide what kind of corporation structure you want to follow based on the benefits each type offers. Your attorney will be able to help you research the business structure options and make a calculated decision unique to your practice.

You’ll also want to research the licensing procedures you’ll have to adhere to depending on your state and chosen specialty. Your licensing will depend on four things: state requirements, a national provider identification number, DEA registration and any additional regulations that will be determined by your specialty. Researching the requirements before you begin will help speed up the process in the future.

Challenges

Every start-up business is full of obstacles and starting a medical practice is no different. Some of these challenges include the state you practice in and the special registrations you might have to go through to create a medical business. Next, consider the healthcare facilities that are available in your state, and their proximity to your practice as this competition can either help or hinder your goals. If you want to be certain that there are limited competitors for your specialty, research available medical office spaces for lease and determine if leasing your office is the right choice based on the kind of medical facilities they lease to already.

Finally, there may be a lapse between seeing your patients, administering care and getting paid by their insurances. This gap could become a financial burden on your practice, but you can avoid it by taking down your patient’s insurance before bringing them in for their appointment.

Medical Office Space for Lease

Starting your own practice can be a daunting goal, but if you are able to efficiently navigate the terrain and formulate your business structure effectively, it can also prove to be an incredible success. To find the ideal medical office space for lease in Los Angeles, get in touch with Boulevard Medical Properties today.

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